Bullish Trade: Investors gain N215bn as NGX ASI Crosses Historic 72,000 Points

Nigerian Stock Exchange with market operators

Bullish Trade: Investors Gain N215bn as NGX ASI Crosses Historic 72,000 Points

The benchmark index of the Nigerian Exchange Limited, All-Share Index rose by 0.55 per cent on Wednesday at 72,299.79 points, thus crossing the 72,000 basis points for the first time in history.

This was as trading activities on the NGX entered the fourth day of positive trading, which resulted in an N415bn gain for equity market investors.

On November 1, the ASI crossed the 70,000 mark milestone to close at 70,581.76. This had followed days of sustained bullish trading. Thus far, the year-to-date gain of the ASI has risen above 40 per cent.

At the close of trading on Wednesday, the market capitalisation rose by 0.55 per cent to close at N39.563tn; meaning N215bn was added to the investors’ wealth.

Analysts have been projecting a Santa-Claus rally as the year comes to an end and a repositioning in sound stocks by investors ahead of the next earning season.

Market Breadth which is the measure of investors’ sentiments was positive, resulting in 34 gainers and 16 losers.

Transaction volume increased to 433.180 million from 319.56 million trades valued at N8.08bn from 6,650 deals executed. The number of stocks traded at the end of Wednesday’s trading session closed at 119.

Sectoral performance was a mixed bag, with two of the five tracked indexes ending in the green, two remaining relatively flat, and one posting losses. The Banking and Consumer goods indexes led the gainers, advancing by 0.94 per cent and 0.07 per cent, respectively. In contrast, the Insurance sector faced a decline, plummeting by 1.80 per cent, while the Oil & Gas and Industrial Goods indexes held steady compared to the previous session.

Atop the gainers chart were the stocks of SCOA, Infinity Trust Mortgage Bank, AccessCorp, Cornerstone Insurance and Transcorp Hotel which gained 9.88 per cent, 9.86 per cent, 8.09 per cent, 7.41 per cent and 6.83 per cent to close at N1.78, N2.34, N22.05, N1.45 and 46.90 per unit respectively.

The losers were led by University Press Plc, Sunu Assurance, Regency Alliance Insurance, Eterna and Flour Mills with -9.82 per cent, -9.38 per cent, -8.11 per cent, -8.03per cent, and 4.57 per cent loss each.

The volume and value drivers of the day’s market trend were led by banking stocks, AccessCorp, GTCO, Zenith Bank, United Bank for Africa, and Sterling Financial Holdings. NAHCO shares also made it to the top turnover table.

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